North American Palladium(AMEX:PAL)- PGM Producer Message Board

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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer

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To: Sleeper who wrote (795)	12/13/2000 11:07:17 PM
From: Bruce Robbins	Read Replies (1) of 976

The release wasn't too clear about the 60% reduction in Pd being entirely due to replacement by Pt, but I'd be willing to bet that it is the culprit. When Pd replaced Pt (back in 79-80) in the convertors Pt was hitting $900 and Pd was at $250. The environmental restrictions on emissions were not very tough. This time it's different- Pd is at $885 and Pt at $605. If they use Pt or Pd it's going to end up costing them more. Also, the new laws enacted in Europe and the US on vehicle emissions require a significant reduction of emissions. That means whatever convertor used will require more PGEs. And more vehicles are required to have them. The demand is still going to be strong. The supply situation hasn't changed. both Pt and Pd are rare. Back in 79-80 South Africa was politically unstable and Russia was having a fire-sale. I guess the tables have turned there as well- Russia is now the wildcard and South Africa might be having a small fire-sale <g>. I am glad to see that PDL held up well in spite of the drop in Pd price. Perhaps the index news had something to do with that...

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